- Cliffs Natural Resources is an international mining and natural resources company focused on iron ore and metallurgical coal.
- In Q3 2013, the company reported $349 million in sales, a 76% operating margin, and $168 million in operating income.
- Looking forward, Cliffs faces decisions around expanding its Bloom Lake mine in Canada and the future of its higher cost Wabush mine. The company also aims to improve its cost profile and manage capital spending discipline.
NAP is a primary palladium producer with its LDI mine in Ontario, Canada. It has a clear strategy to increase production at LDI to 170,000-175,000 ounces in 2014 while lowering costs to $450/ounce. LDI provides leverage to rising palladium prices driven by constrained mine supply and growing demand for palladium from the automotive sector. NAP has additional upside from exploration and development at LDI to leverage its existing infrastructure. The presentation provides an overview of NAP's assets and investment opportunity.
Crestwood Midstream Partners LP presented its investor presentation for October 2012. The presentation contained forward-looking statements regarding future events and results that are subject to risks and uncertainties. It provided an overview of Crestwood, including its experienced management team, $2 billion enterprise value, 95% fixed-fee portfolio of midstream assets across major shale plays, and growth strategy through acquisitions and drop-downs. Recent acquisitions, including in the rich gas areas of the Barnett Shale and Marcellus Shale joint venture, were highlighted as growth drivers for 2012-2013.
Pacific Coal is on track to become Colombia's leading independent coal producer by increasing production from its existing assets. The company's portfolio includes the producing La Caypa and Cerro Largo thermal coal mines, the Jam coking coal and coke production facility, and exploration properties. Pacific Coal plans to increase efficiencies and production across its assets while securing infrastructure and markets to capture value throughout the supply chain. The company has an experienced management team and a strategic focus on increasing production from current operations, developing expansion and underground projects, and pursuing growth opportunities.
Sage Gold is a junior mining company focused on developing its Clavos gold and Lynx copper-silver-gold projects in Ontario, Canada into production to generate cash flow. Key points:
1) Sage plans to initially generate cash flow through developing production at its permitted Clavos gold project, which has an existing resource and positive
Cobre del Mayo is a Mexican mining company that operates the Piedras Verdes copper mine. The presentation provides an overview of Cobre del Mayo, including its operations, historical financial performance, and opportunities to reduce costs. It notes that the company has implemented initiatives to diversify processing methods and increase production. Upcoming low-cost projects are expected to further increase copper cathode and concentrate production while reducing cash costs to an estimated $1.65 per pound on average over the mine life.
Range Resources Corporation is at an inflection point, with 2012 expected to see a significant increase in organic growth rate of 30-35% compared to its historical rate of 10% or less. The company has improved its capital efficiency through higher quality and lower cost wells, with drill bit reserve replacement over 800% and finding and development costs under $1/mcfe in 2011. Range has a large inventory of unproved resource potential across its areas that could support double-digit per share growth in production and reserves for years to come.
PetroMagdalena Energy Corp. is an oil and gas exploration company focused on developing its assets in Colombia. It has a diversified portfolio of exploration blocks and producing assets in several Colombian basins. The company aims to increase production and cash flow through development drilling in its light oil assets in the Llanos Basin in 2012. It also plans to maximize value from its asset portfolio by leveraging relationships with partners. PetroMagdalena sees opportunities to acquire additional underfunded assets with exploration potential given the investment environment in Colombia.
Cobre del Mayo is a Mexican mining company that operates the Piedras Verdes copper mine in Sonora, Mexico. The mine produces copper cathode and sells higher grade ore to Kupari Metals for processing. In the first quarter of 2017, Cobre del Mayo's copper cathode sales increased 44.1% compared to the same period in 2016. It also paid its May 2017 interest payment on senior secured notes, with 50% paid through a PIK payment and 50% in cash. Cobre del Mayo entered a hedge agreement in March 2017 to sell fixed-price copper cathode through December 2017.
NAP is a primary palladium producer with its LDI mine in Ontario, Canada. It has a clear strategy to increase production at LDI to 170,000-175,000 ounces in 2014 while lowering costs to $450/ounce. LDI provides leverage to rising palladium prices driven by constrained mine supply and growing demand for palladium from the automotive sector. NAP has additional upside from exploration and development at LDI to leverage its existing infrastructure. The presentation provides an overview of NAP's assets and investment opportunity.
Crestwood Midstream Partners LP presented its investor presentation for October 2012. The presentation contained forward-looking statements regarding future events and results that are subject to risks and uncertainties. It provided an overview of Crestwood, including its experienced management team, $2 billion enterprise value, 95% fixed-fee portfolio of midstream assets across major shale plays, and growth strategy through acquisitions and drop-downs. Recent acquisitions, including in the rich gas areas of the Barnett Shale and Marcellus Shale joint venture, were highlighted as growth drivers for 2012-2013.
Pacific Coal is on track to become Colombia's leading independent coal producer by increasing production from its existing assets. The company's portfolio includes the producing La Caypa and Cerro Largo thermal coal mines, the Jam coking coal and coke production facility, and exploration properties. Pacific Coal plans to increase efficiencies and production across its assets while securing infrastructure and markets to capture value throughout the supply chain. The company has an experienced management team and a strategic focus on increasing production from current operations, developing expansion and underground projects, and pursuing growth opportunities.
Sage Gold is a junior mining company focused on developing its Clavos gold and Lynx copper-silver-gold projects in Ontario, Canada into production to generate cash flow. Key points:
1) Sage plans to initially generate cash flow through developing production at its permitted Clavos gold project, which has an existing resource and positive
Cobre del Mayo is a Mexican mining company that operates the Piedras Verdes copper mine. The presentation provides an overview of Cobre del Mayo, including its operations, historical financial performance, and opportunities to reduce costs. It notes that the company has implemented initiatives to diversify processing methods and increase production. Upcoming low-cost projects are expected to further increase copper cathode and concentrate production while reducing cash costs to an estimated $1.65 per pound on average over the mine life.
Range Resources Corporation is at an inflection point, with 2012 expected to see a significant increase in organic growth rate of 30-35% compared to its historical rate of 10% or less. The company has improved its capital efficiency through higher quality and lower cost wells, with drill bit reserve replacement over 800% and finding and development costs under $1/mcfe in 2011. Range has a large inventory of unproved resource potential across its areas that could support double-digit per share growth in production and reserves for years to come.
PetroMagdalena Energy Corp. is an oil and gas exploration company focused on developing its assets in Colombia. It has a diversified portfolio of exploration blocks and producing assets in several Colombian basins. The company aims to increase production and cash flow through development drilling in its light oil assets in the Llanos Basin in 2012. It also plans to maximize value from its asset portfolio by leveraging relationships with partners. PetroMagdalena sees opportunities to acquire additional underfunded assets with exploration potential given the investment environment in Colombia.
Cobre del Mayo is a Mexican mining company that operates the Piedras Verdes copper mine in Sonora, Mexico. The mine produces copper cathode and sells higher grade ore to Kupari Metals for processing. In the first quarter of 2017, Cobre del Mayo's copper cathode sales increased 44.1% compared to the same period in 2016. It also paid its May 2017 interest payment on senior secured notes, with 50% paid through a PIK payment and 50% in cash. Cobre del Mayo entered a hedge agreement in March 2017 to sell fixed-price copper cathode through December 2017.
This document summarizes a presentation given by Bill Heissenbuttel of Barclays Select Series on their metals and materials cross asset forum in March 2015. The key points are:
1) Mount Milligan is proving transformational for growth as ramp-up continues providing an excellent platform for growth.
2) Royal Gold has high quality properties, counterparties, and jurisdictions in its portfolio.
3) Royal Gold has approximately $1.2 billion in liquidity and is balancing growth opportunities with returning capital to shareholders.
This investor presentation provides an overview of Rowan Companies and highlights reasons for investing in the company. Some key points include:
- Rowan has differentiated itself in the offshore drilling industry by focusing on demanding wells and owning a fleet of high-specification rigs well-positioned for key markets.
- The company has a large, diversified contract backlog that extends into 2018 and a strong balance sheet to pursue growth opportunities.
- Industry dynamics are favorable for Rowan as older rigs nearing the end of their lifespans will need to be replaced, and the company's rigs have scored well above average in capability assessments.
Cobre del Mayo operates the Piedras Verdes open-pit copper mine in Mexico. It produces copper cathode through leaching and sells ore to Kupari Metals, which operates a flotation plant. In the fourth quarter of 2016, Cobre del Mayo's cathode sales increased 11.3% compared to the previous year due to a 10% increase in copper prices. Its C1 cash cost increased 4.6% to $2.35 per pound of copper, remaining below the realized copper price of $2.44 per pound. An updated reserve report estimates the mine life is 14 years with proven and probable reserves of 846,000 tons of copper.
Cobre del Mayo operates the Piedras Verdes copper mine in Mexico, which produces both copper cathode and copper concentrate. Recent initiatives have increased production and cash flow. The mine has over 15 years of reserves remaining and low sustaining capital costs. While the company has debt, strong operating performance has improved credit metrics and positions Cobre del Mayo for continued stable copper production.
This document provides an investor presentation for PetroMagdalena Energy Corp. It discusses the company's focus on increasing production, reserves, and cash flow from its portfolio of oil and gas assets in Colombia. Some key points:
- The company aims to increase organic cash flow through exploitation and exploration opportunities across its assets. This includes increased development activity in 2012 at its Cubiro block in the Llanos Basin following exploration success there in 2011.
- At Cubiro, the company increased 2P reserves by 86% to 10.8 million barrels of oil equivalent based on a technical report. 1P reserves increased 73% to 3 million barrels.
- The company is also working to maximize value from its
A PowerPoint presentation from Range reviewing recent production and developments, delivered as part of their 1Q14 update. Lots of great information. In particular, MDN likes the following slides: 7, 11, 12-17, 31, 51, 53, 56. Take time to review the entire thing!
Lake Shore Gold is a Canadian gold mining company with two producing mines and a central mill in Timmins, Ontario. In the first half of 2015, Lake Shore Gold produced 95,600 ounces of gold at a cash cost of US$551 per ounce and all-in sustaining costs of US$810 per ounce. Lake Shore Gold has a large land position in the prolific Timmins gold camp and is focusing exploration efforts on expanding reserves and resources at its Timmins West and Bell Creek mines.
Crocodile Gold Corporate Presentation September 2011 Crocodile Gold
Crocodile Gold is an Australian gold mining company that is seeking to accelerate its growth and exploration. It has over 3 million ounces of gold reserves across its 3,300 square kilometer land package. The company plans to increase production to over 500,000 ounces per year through expanding its existing mines and developing new projects. Key goals include replacing reserves, increasing resources, and making new discoveries through its $10-12 million annual exploration budget.
Royal Gold presented at the BMO 24th Global Metals & Mining Conference in February 2015. The presentation highlighted Royal Gold's solid portfolio and future through growth opportunities, high quality assets, and available liquidity to pursue investment opportunities. Specifically, the presentation noted the transformational growth from the ramp-up of Mount Milligan, upcoming growth at Peñasquito in 2015, and construction progress at Phoenix Gold. Royal Gold emphasized its high quality portfolio through investment-grade counterparties and jurisdictions. Approximately $1.2 billion in liquidity was available to balance growth and returning capital to shareholders.
The presentation summarizes Sage Gold's plans to develop the near-term production potential of its Clavos gold deposit in Timmins, Ontario through 2023. Key points include:
1) Sage Gold aims to begin initial production at Clavos in 2013 to generate cash flow, utilizing existing infrastructure from a partnership with St. Andrew Goldfields.
2) A new NI 43-101 resource estimate and preliminary economic assessment is planned for Q4 2012 to advance the project.
3) The deposit remains open along strike and at depth, representing potential to significantly increase resources through further drilling.
4) Strategic partnerships provide low-cost access to mining and milling facilities near the project.
Royal gold stream on mount milligan update final (v5)RoyalGold
- Thompson Creek Metals Company, which operates the Mount Milligan mine, was facing financial difficulties due to high debt levels and a weak balance sheet.
- Royal Gold, which holds a gold stream on Mount Milligan, worked to find a solution that would ensure continued strong operation of the mine.
- Royal Gold facilitated a deal where Centerra Gold would acquire Thompson Creek Metals. Centerra is a well-established gold producer with a strong financial position.
- The gold stream agreement between Royal Gold and Thompson Creek was amended but maintains equivalent value for Royal Gold. The amendment provides long-term stability for the Mount Milligan mine.
This investor presentation provides an overview of North American Palladium Ltd. (NAP) and its Lac des Iles palladium mine in Ontario, Canada. Some key points:
- The palladium market is expected to remain in deficit due to growing demand from automotive sector and constrained supply from Russia and South Africa.
- NAP's LDI mine is a world-class asset with significant exploration upside potential to increase reserves and resources.
- In 2014, NAP aims to increase production to 170,000-175,000 ounces of palladium at a lower cash cost of $450/ounce by the fourth quarter through expanding mining rates and operational improvements.
- NAP has a strong balance
Cobre del Mayo operates the Piedras Verdes open-pit copper mine in Sonora, Mexico. It produces copper cathode and sells refractory and vein type ore. Since being acquired in 2009, production has increased from 543 tons per month to over 5,000 tons through optimization initiatives. With 1.7 million tons of mineral resources and a mine life of over 17 years, Cobre del Mayo has been transformed into a stable, low-cost copper producer with long-term potential for further expansion.
- Palladium prices are forecasted to reach historical highs of up to $1,000/oz due to a supply deficit. Demand has historically exceeded mine supply and is expected to continue growing.
- Mine supply is constrained and unable to match rising demand. Over 80% of global mine supply comes from Russia and South Africa, which are high-risk jurisdictions.
- Only 6.3 million ounces of palladium are produced annually worldwide from mines. Major producers in Russia and South Africa have shown constrained production.
This presentation provides an overview of UGI Corporation, which distributes energy products including natural gas, propane, electricity, and related services. It discusses UGI's growth strategy of pursuing organic projects and acquisitions across its utility, midstream, and LPG businesses. Key opportunities mentioned include pipeline projects like PennEast and Sunbury, LNG expansion, and continued customer conversions and acquisitions. The presentation emphasizes UGI's track record of delivering earnings and dividend growth.
The document provides an overview of North American Palladium's Lac des Iles palladium mine in Ontario, Canada. It discusses the constrained global palladium supply outlook and growing demand drivers. NAP's Lac des Iles mine is a world-class asset with significant exploration potential and excess processing capacity. The mine is forecast to increase production to over 200,000 ounces of palladium per year while lowering costs, leveraging existing infrastructure. Drilling programs aim to expand reserves and resources in high priority areas of the mine.
Investor Presentation - September 2011 (English)PetroMagdalena
PetroMagdalena Energy is an oil and gas exploration company focused on assets in Colombia. The presentation provides an operational update, including achievements to date and ongoing work. Key points include reducing costs and increasing production and reserves at core assets like Cubiro. Cubiro is a major asset that saw a 126% increase in reserves in 2010 and will see continued drilling and development in 2011. The 2011 capital budget is $40-50 million to fund an exploration and development program aimed at further increasing production and reserves.
Cobre Del Mayo - Investor Presentation - August 2014CobreDelMayo
Cobre del Mayo operates the Piedras Verdes open-pit copper mine in Sonora, Mexico. It produces copper cathode and sells refractory and vein type ore. Since being acquired in 2009, production has increased from 543 tons per month to over 5,000 tons through optimization initiatives. With 1.7 million tons of mineral resources and a mine life of over 17 years, Cobre del Mayo has been transformed into a stable, low-cost copper producer with long-term potential. Key agreements with off-takers and a $100 million credit facility help ensure continued operations.
The document discusses PVA's transition from a natural gas producer to an oil and liquids producer through acquisitions in the Eagle Ford Shale. It has grown its oil and natural gas liquids production significantly and expanded its acreage position in the Eagle Ford. PVA's strategy is to continue developing the Eagle Ford, expanding its oil and liquids reserves and production, while retaining its substantial gas assets. This transition has shifted the value of PVA towards oil as oil and natural gas liquids prices have increased relative to natural gas prices.
Tony Jensen, President and CEO of Royal Gold, presented at the Denver Gold Forum on September 23, 2013. He discussed Royal Gold's embedded growth from projects like Mt. Milligan and Pascua-Lama, which are expected to increase production by around 50% from current levels. Royal Gold is financially robust with high margins, significant liquidity, and a low-cost business model. The current market environment favors streaming and royalty companies as mining operators face challenges accessing capital through equity and debt markets.
Cliffs Natural Resources reported first quarter 2014 earnings. While sales volumes were down slightly from weather impacts, the company maintained its full-year 2014 guidance. Cash costs and expenses were reduced through cost savings initiatives. Total liquidity increased 32% to over $1.9 billion compared to the prior year through debt refinancing. The company continues to focus on improving operations and extracting highest value from its assets in a challenging pricing environment.
The document is an investor presentation that provides an overview of North American Palladium (NAP). It discusses NAP's growth strategy of expanding production at its Lac des Iles mine while lowering costs. It highlights NAP's leverage to rising palladium prices given constrained mine supply and increasing demand from the automotive industry. The presentation also provides market statistics on palladium and an investment case for NAP based on its world-class palladium asset at Lac des Iles.
This document summarizes a presentation given by Bill Heissenbuttel of Barclays Select Series on their metals and materials cross asset forum in March 2015. The key points are:
1) Mount Milligan is proving transformational for growth as ramp-up continues providing an excellent platform for growth.
2) Royal Gold has high quality properties, counterparties, and jurisdictions in its portfolio.
3) Royal Gold has approximately $1.2 billion in liquidity and is balancing growth opportunities with returning capital to shareholders.
This investor presentation provides an overview of Rowan Companies and highlights reasons for investing in the company. Some key points include:
- Rowan has differentiated itself in the offshore drilling industry by focusing on demanding wells and owning a fleet of high-specification rigs well-positioned for key markets.
- The company has a large, diversified contract backlog that extends into 2018 and a strong balance sheet to pursue growth opportunities.
- Industry dynamics are favorable for Rowan as older rigs nearing the end of their lifespans will need to be replaced, and the company's rigs have scored well above average in capability assessments.
Cobre del Mayo operates the Piedras Verdes open-pit copper mine in Mexico. It produces copper cathode through leaching and sells ore to Kupari Metals, which operates a flotation plant. In the fourth quarter of 2016, Cobre del Mayo's cathode sales increased 11.3% compared to the previous year due to a 10% increase in copper prices. Its C1 cash cost increased 4.6% to $2.35 per pound of copper, remaining below the realized copper price of $2.44 per pound. An updated reserve report estimates the mine life is 14 years with proven and probable reserves of 846,000 tons of copper.
Cobre del Mayo operates the Piedras Verdes copper mine in Mexico, which produces both copper cathode and copper concentrate. Recent initiatives have increased production and cash flow. The mine has over 15 years of reserves remaining and low sustaining capital costs. While the company has debt, strong operating performance has improved credit metrics and positions Cobre del Mayo for continued stable copper production.
This document provides an investor presentation for PetroMagdalena Energy Corp. It discusses the company's focus on increasing production, reserves, and cash flow from its portfolio of oil and gas assets in Colombia. Some key points:
- The company aims to increase organic cash flow through exploitation and exploration opportunities across its assets. This includes increased development activity in 2012 at its Cubiro block in the Llanos Basin following exploration success there in 2011.
- At Cubiro, the company increased 2P reserves by 86% to 10.8 million barrels of oil equivalent based on a technical report. 1P reserves increased 73% to 3 million barrels.
- The company is also working to maximize value from its
A PowerPoint presentation from Range reviewing recent production and developments, delivered as part of their 1Q14 update. Lots of great information. In particular, MDN likes the following slides: 7, 11, 12-17, 31, 51, 53, 56. Take time to review the entire thing!
Lake Shore Gold is a Canadian gold mining company with two producing mines and a central mill in Timmins, Ontario. In the first half of 2015, Lake Shore Gold produced 95,600 ounces of gold at a cash cost of US$551 per ounce and all-in sustaining costs of US$810 per ounce. Lake Shore Gold has a large land position in the prolific Timmins gold camp and is focusing exploration efforts on expanding reserves and resources at its Timmins West and Bell Creek mines.
Crocodile Gold Corporate Presentation September 2011 Crocodile Gold
Crocodile Gold is an Australian gold mining company that is seeking to accelerate its growth and exploration. It has over 3 million ounces of gold reserves across its 3,300 square kilometer land package. The company plans to increase production to over 500,000 ounces per year through expanding its existing mines and developing new projects. Key goals include replacing reserves, increasing resources, and making new discoveries through its $10-12 million annual exploration budget.
Royal Gold presented at the BMO 24th Global Metals & Mining Conference in February 2015. The presentation highlighted Royal Gold's solid portfolio and future through growth opportunities, high quality assets, and available liquidity to pursue investment opportunities. Specifically, the presentation noted the transformational growth from the ramp-up of Mount Milligan, upcoming growth at Peñasquito in 2015, and construction progress at Phoenix Gold. Royal Gold emphasized its high quality portfolio through investment-grade counterparties and jurisdictions. Approximately $1.2 billion in liquidity was available to balance growth and returning capital to shareholders.
The presentation summarizes Sage Gold's plans to develop the near-term production potential of its Clavos gold deposit in Timmins, Ontario through 2023. Key points include:
1) Sage Gold aims to begin initial production at Clavos in 2013 to generate cash flow, utilizing existing infrastructure from a partnership with St. Andrew Goldfields.
2) A new NI 43-101 resource estimate and preliminary economic assessment is planned for Q4 2012 to advance the project.
3) The deposit remains open along strike and at depth, representing potential to significantly increase resources through further drilling.
4) Strategic partnerships provide low-cost access to mining and milling facilities near the project.
Royal gold stream on mount milligan update final (v5)RoyalGold
- Thompson Creek Metals Company, which operates the Mount Milligan mine, was facing financial difficulties due to high debt levels and a weak balance sheet.
- Royal Gold, which holds a gold stream on Mount Milligan, worked to find a solution that would ensure continued strong operation of the mine.
- Royal Gold facilitated a deal where Centerra Gold would acquire Thompson Creek Metals. Centerra is a well-established gold producer with a strong financial position.
- The gold stream agreement between Royal Gold and Thompson Creek was amended but maintains equivalent value for Royal Gold. The amendment provides long-term stability for the Mount Milligan mine.
This investor presentation provides an overview of North American Palladium Ltd. (NAP) and its Lac des Iles palladium mine in Ontario, Canada. Some key points:
- The palladium market is expected to remain in deficit due to growing demand from automotive sector and constrained supply from Russia and South Africa.
- NAP's LDI mine is a world-class asset with significant exploration upside potential to increase reserves and resources.
- In 2014, NAP aims to increase production to 170,000-175,000 ounces of palladium at a lower cash cost of $450/ounce by the fourth quarter through expanding mining rates and operational improvements.
- NAP has a strong balance
Cobre del Mayo operates the Piedras Verdes open-pit copper mine in Sonora, Mexico. It produces copper cathode and sells refractory and vein type ore. Since being acquired in 2009, production has increased from 543 tons per month to over 5,000 tons through optimization initiatives. With 1.7 million tons of mineral resources and a mine life of over 17 years, Cobre del Mayo has been transformed into a stable, low-cost copper producer with long-term potential for further expansion.
- Palladium prices are forecasted to reach historical highs of up to $1,000/oz due to a supply deficit. Demand has historically exceeded mine supply and is expected to continue growing.
- Mine supply is constrained and unable to match rising demand. Over 80% of global mine supply comes from Russia and South Africa, which are high-risk jurisdictions.
- Only 6.3 million ounces of palladium are produced annually worldwide from mines. Major producers in Russia and South Africa have shown constrained production.
This presentation provides an overview of UGI Corporation, which distributes energy products including natural gas, propane, electricity, and related services. It discusses UGI's growth strategy of pursuing organic projects and acquisitions across its utility, midstream, and LPG businesses. Key opportunities mentioned include pipeline projects like PennEast and Sunbury, LNG expansion, and continued customer conversions and acquisitions. The presentation emphasizes UGI's track record of delivering earnings and dividend growth.
The document provides an overview of North American Palladium's Lac des Iles palladium mine in Ontario, Canada. It discusses the constrained global palladium supply outlook and growing demand drivers. NAP's Lac des Iles mine is a world-class asset with significant exploration potential and excess processing capacity. The mine is forecast to increase production to over 200,000 ounces of palladium per year while lowering costs, leveraging existing infrastructure. Drilling programs aim to expand reserves and resources in high priority areas of the mine.
Investor Presentation - September 2011 (English)PetroMagdalena
PetroMagdalena Energy is an oil and gas exploration company focused on assets in Colombia. The presentation provides an operational update, including achievements to date and ongoing work. Key points include reducing costs and increasing production and reserves at core assets like Cubiro. Cubiro is a major asset that saw a 126% increase in reserves in 2010 and will see continued drilling and development in 2011. The 2011 capital budget is $40-50 million to fund an exploration and development program aimed at further increasing production and reserves.
Cobre Del Mayo - Investor Presentation - August 2014CobreDelMayo
Cobre del Mayo operates the Piedras Verdes open-pit copper mine in Sonora, Mexico. It produces copper cathode and sells refractory and vein type ore. Since being acquired in 2009, production has increased from 543 tons per month to over 5,000 tons through optimization initiatives. With 1.7 million tons of mineral resources and a mine life of over 17 years, Cobre del Mayo has been transformed into a stable, low-cost copper producer with long-term potential. Key agreements with off-takers and a $100 million credit facility help ensure continued operations.
The document discusses PVA's transition from a natural gas producer to an oil and liquids producer through acquisitions in the Eagle Ford Shale. It has grown its oil and natural gas liquids production significantly and expanded its acreage position in the Eagle Ford. PVA's strategy is to continue developing the Eagle Ford, expanding its oil and liquids reserves and production, while retaining its substantial gas assets. This transition has shifted the value of PVA towards oil as oil and natural gas liquids prices have increased relative to natural gas prices.
Tony Jensen, President and CEO of Royal Gold, presented at the Denver Gold Forum on September 23, 2013. He discussed Royal Gold's embedded growth from projects like Mt. Milligan and Pascua-Lama, which are expected to increase production by around 50% from current levels. Royal Gold is financially robust with high margins, significant liquidity, and a low-cost business model. The current market environment favors streaming and royalty companies as mining operators face challenges accessing capital through equity and debt markets.
Cliffs Natural Resources reported first quarter 2014 earnings. While sales volumes were down slightly from weather impacts, the company maintained its full-year 2014 guidance. Cash costs and expenses were reduced through cost savings initiatives. Total liquidity increased 32% to over $1.9 billion compared to the prior year through debt refinancing. The company continues to focus on improving operations and extracting highest value from its assets in a challenging pricing environment.
The document is an investor presentation that provides an overview of North American Palladium (NAP). It discusses NAP's growth strategy of expanding production at its Lac des Iles mine while lowering costs. It highlights NAP's leverage to rising palladium prices given constrained mine supply and increasing demand from the automotive industry. The presentation also provides market statistics on palladium and an investment case for NAP based on its world-class palladium asset at Lac des Iles.
This document provides an overview and summary of Royal Gold Inc., a royalty and streaming company. It discusses Royal Gold's portfolio of long-lived, high-quality assets that generate strong cash margins. Two key growth assets highlighted are Mt. Milligan, an open-pit copper/gold mine in BC, Canada that is expected to reach commercial production in Q4 2013, and Pascua-Lama, a large gold/silver project straddling the Chile-Argentine border. The document also notes Royal Gold's strong balance sheet and liquidity position, positioning it well for further growth opportunities.
This document provides an overview and summary of Royal Gold Inc.'s portfolio and future opportunities from a presentation given in December 2014. The summary includes:
1) Royal Gold has a solid portfolio with near-term growth driven by the ramp-up of the Mt. Milligan mine. Over 90% of 2014 production came from long-lived mines with mine lives of over 20 years on average.
2) The company has over $900 million in uncommitted capital to pursue new investment opportunities in the mining sector. Deals over $100 million would provide meaningful additions to the portfolio.
3) Royal Gold's portfolio generates high margins, with underlying properties reporting an average cash cost of $578 per ounce and gross
Royal Gold held its annual RBC Global Mining & Materials Conference in June 2015. CEO Tony Jensen highlighted Mount Milligan's strong performance, providing an excellent growth platform. Royal Gold has a high quality portfolio of long-lived assets from major counterparties and jurisdictions. With $1.4 billion in liquidity, Royal Gold is well positioned to pursue further growth opportunities while returning capital to shareholders.
Denver Gold Forum presentation - Royal GoldRoyalGold
The document summarizes the 2014 Denver Gold Forum presentation by Tony Jensen, President and CEO of Royal Gold. It highlights Royal Gold's solid portfolio and future growth opportunities, including near-term growth from ramping production at Mt. Milligan mine. It also notes Royal Gold's $1 billion in uncommitted capital available to invest in royalty/streaming deals over $100 million, and that the company offers strong per-share metrics at a relatively low valuation compared to peers.
Rengecy Energy Partners Analyst Day Presentation - Nov 2014 in Dallas, TXMarcellus Drilling News
The slide presentation used at the Analyst Day presetation at the Ritz-Carlton in Dallas. The slides contain information about Regency's northeast (and other area) operations. Regency purchased their northeast operations when they bought out PVR Partners in 2013.
Royal gold, egf presentation (ka), may 2014RoyalGold
Karli Anderson, Vice President of Investor Relations at Royal Gold, presented at a May 2014 meeting. The presentation discussed Royal Gold's growth trajectory, strong financial position, and favorable market environment. Royal Gold has over 200 royalty and streaming interests globally, including 37 producing assets. The company is positioned for continued growth through projects like Mt. Milligan and Phoenix, which could increase Royal Gold's gold equivalent production by around 50% over the next few years. Royal Gold also has a robust balance sheet with nearly $1.1 billion in available liquidity.
Lake Shore Gold Corp is a Canadian gold producer with two producing mines and a central mill in Timmins, Ontario. In 2014, it achieved record production of 185,600 ounces of gold at low costs of $675 per ounce in cash costs and $1,139 per ounce in all-in sustaining costs. The company has a strong balance sheet with $88 million in cash and bullion as of the end of the third quarter of 2015. Lake Shore Gold has identified significant exploration potential along the 144 trend near its Timmins West mine, with two discoveries already made, and expects to deliver its first resource estimate for the 144 Gap Zone in the first quarter of 2016.
North American Palladium operates the Lac des Iles mine in Ontario, Canada, one of only two primary palladium mines in the world. The presentation outlines NAP's investment proposition including existing infrastructure with excess capacity, increasing production and decreasing costs, and significant exploration potential. It provides guidance for 2015 including payable palladium production of 185,000 to 205,000 ounces at a cash cost of $440 to $466 per ounce.
Baml v2 barcelona revised screen may 2015RoyalGold
Mount Milligan is proving transformational for Royal Gold and providing an excellent platform for growth. Royal Gold has a high quality portfolio of properties, counterparties and jurisdictions that has generated strong returns. The company has approximately $1.4 billion in liquidity to pursue growth opportunities while balancing returns to shareholders.
Goldman presentation nov 2014 final screenRoyalGold
This document summarizes Royal Gold's presentation at an annual mining conference. It highlights Royal Gold's solid portfolio and future growth opportunities. Specifically, it notes that near-term growth is being driven by the ramp-up of production at the Mt. Milligan mine. It also states that Royal Gold has over $900 million in uncommitted capital available to invest in new royalty and streaming deals. Finally, it indicates that Royal Gold currently trades at a discount to its historical price-to-book value ratio, representing long-term value.
- The Young-Davidson Mine Update document provides information on production and development at the Young-Davidson gold mine, including: strong production growth from underground mining, expansion of the shaft system to increase productivity, and an expected all-in sustaining cash cost of $1,100-$1,200 per ounce for 2013.
- Historic mining at Young-Davidson and a nearby mine produced over 970,000 ounces of gold. Current proven and probable reserves are over 3.8 million ounces.
- Underground mining rates have increased significantly and the mine plans to ramp up further to over 7,000 tonnes per day with expanded shaft access over the next few years.
Scotia mining conference 2013 december 3, 2013RoyalGold
- Royal Gold provides concise summaries of key points from documents in 3 sentences or less.
- The document discusses Royal Gold's embedded growth opportunities from its investments in Mt. Milligan and Pascua-Lama, which could increase its gold equivalent ounce production by around 50%.
- It also highlights Royal Gold's financially robust position with low costs, strong liquidity of around $1 billion, and attractive market environment for its royalty and streaming business model compared to challenging equity and debt markets faced by miners.
2014 website tj annual meeting final nov 14 2014RoyalGold
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2. FORWARD-LOOKING STATEMENTS
This presentation contains forward-looking statements within the meaning of the federal securities laws. Although the Company believes
that its forward-looking statements are based on reasonable assumptions, such statements are subject to risks and uncertainties relating to
Cliffs' operations and business environment that are difficult to predict and may be beyond Cliffs' control. Such uncertainties and factors
may cause actual results to differ materially from those expressed or implied by forward-looking statements for a variety of reasons
including without limitation: uncertainty or weaknesses in global economic conditions, including downward pressure on prices, reduced
market demand and any slowing of the economic growth rate in China; trends affecting our financial condition, results of operations or
future prospects, particularly the continued volatility of iron ore and coal prices; our ability to successfully integrate acquired companies into
our operations and achieve post-acquisition synergies, including without limitation, Cliffs Quebec Iron Mining Limited (formerly
Consolidated Thompson Iron Mining Limited); our ability to successfully identify and consummate any strategic investments and complete
planned divestitures; the outcome of any contractual disputes with our customers, joint venture partners or significant energ y, material or
service providers or any other litigation or arbitration; the ability of our customers and joint venture partners to meet the ir obligations to us
on a timely basis or at all; our ability to reach agreement with our iron ore customers regarding modifications to sales contract pricing
escalation provisions to reflect a shorter-term or spot-based pricing mechanism; the impact of price-adjustment factors on our sales
contracts; changes in sales volume or mix; our actual economic iron ore and coal reserves or reductions in current mineral estimates,
including whether any mineralized material qualifies as a reserve; the impact of our customers using other methods to produce steel or
reducing their steel production; events or circumstances that could impair or adversely impact the viability of a mine and the carrying value
of associated assets; the results of prefeasibility and feasibility studies in relation to projects; impacts of existing and increasing
governmental regulation and related costs and liabilities, including failure to receive or maintain required operating and en vironmental
permits, approvals, modifications or other authorization of, or from, any governmental or regulatory entity and costs related to implementing
improvements to ensure compliance with regulatory changes; our ability to cost-effectively achieve planned production rates or levels;
uncertainties associated with natural disasters, weather conditions, unanticipated geological conditions, supply or price of energy,
equipment failures and other unexpected events; adverse changes in currency values, currency exchange rates, interest rates a nd tax
laws; availability of capital and our ability to maintain adequate liquidity and successfully implement our financing plans; our ability to
maintain appropriate relations with unions and employees and enter into or renew collective bargaining agreements on satisfac tory terms;
risks related to international operations; availability of capital equipment and component parts; the potential existence of significant
deficiencies or material weakness in our internal controls over financial reporting; problems or uncertainties with productivity, tons mined,
transportation, mine-closure obligations, environmental liabilities, employee-benefit costs and other risks of the mining industry; and other
factors and risks that are set forth in the Company's most recently filed reports with the Securities and Exchange Commission . The
information contained herein speaks as of the date of this release and may be superseded by subsequent events. Except as may be
required by applicable securities laws, we do not undertake any obligation to revise or update any forward-looking statements contained in
this presentation.
1
3. CLIFFS NATURAL RESOURCES - A LEADING, GLOBAL IRON ORE MINER
REVENUE BY PRODUCT
Coal
13%
Cliffs Natural Resources (NYSE: CLF) (Paris: CLF) is an
international mining and natural resources company. A member
of the S&P 500 Index, the Company is a major global iron ore
producer and a significant producer of metallurgical coal
Other
6%
Iron
ore
81%
GLOBAL MARKET EXPOSURE
(2012 REVENUE OF $5.9 BILLION)
Other
18%
U.S.
36%
Canada
12%
Cliffs is executing a strategy designed to increase scale and
diversity and focused on serving the world’s largest and fastest
growing steel markets
China
34%
With core values of environmental and capital stewardship,
our colleagues across the globe endeavor to provide all
stakeholders operating and financial transparency as
embodied in the Global Reporting Initiative (GRI) framework
Source: Company filings and presentations.
2
4. CLIFFS’ STRATEGIC IMPERATIVES
Building scale through diversification
Global execution
• Multiple Revenue Streams
• Product Diversification
• Geographic Presence
• Competencies of the Firm
• Outlook of Personnel
• Global Scalability
Operational excellence
Shareholder returns
• Safety
• Technical Competencies
• Operating Efficiencies
• Shareholder Value
• Risk Management
• “Earning the Right to Grow”
3
5. GLOBAL FOOTPRINT - FOCUSED ON SCALE, DIVERSITY AND GROWTH
7
mt2
14mt3
25mt4
6mt1
9mt
PRODUCT KEY
Iron Ore
Coal
11mt
Chromite
END MARKET KEY
North America
Asia Pacific
Europe
Note: The volumes listed above represent Cliffs’ production capacity as reported in the Company’s 2012 Form 10-K. 1 Wabush current annual capacity.
Phase I and Phase II capacity. 4 Based on Cliffs’ equity share of annual rated production capacity, converted to million metric tons.
4
2
100% of Bloom Lake Phase I capacity.
3
100% of Bloom Lake
6. U.S. IRON ORE
U.S. IRON ORE
PROVEN & PROBABLE MINERAL RESERVES
(IN LONG TONS)
Empire
6mt
United
Taconite
126mt
Tilden
247mt
823
Million
Tons
Northshore
361mt
Hibbing
83mt
• Pioneers in developing the beneficiation and pelletizing
process
CLIFFS’ USIO SHIPMENTS
(MILLION METRIC TONS1)
23
25
22
21
22 - 23
• Largest merchant supplier of iron ore pellets to U.S.based steel mills
• Significant portion of U.S. Iron Ore volume contracted
for the next decade
14
2009
2010
2011
2012
2013E
2014E
• Cliffs’ U.S. mines are well capitalized, well maintained
and run by world-class operators
CLIFFS EXPECTS TO SUSTAIN ITS LONG-TERM VOLUMES IN U.S IRON ORE
Source: Company filings
5
1
Converted from long tons.
7. EASTERN CANADIAN IRON ORE
BLOOM LAKE
WABUSH
BLOOM LAKE CAPITAL EXPENDITURES
($ MILLIONS)
Phase II expansion
2011 &
2012
•
Successfully idled the pelletizer in the second
quarter 2013
•
Number of processing lines in the concentrator
expected to be reduced
•
If $100 cash costs at Wabush are not achieved
by year-end, a more permanent solution will be
considered
•
Currently selling Wabush's iron ore concentrate
product on a short-term spot basis
$739
Phase II
expansion1
Remaining
$900
CASH COSTS
($ PER METRIC TON)
$90-$95
$70-$75
Mid-$60s
2013
Outlook
Targeted
Phase I
cash costs
Source: Management estimates, company filings and earnings releases
6
Long-term
1
Excludes sustaining capital
8. ASIA PACIFIC IRON ORE
SALES VOLUME1
PROVEN & PROBABLE RESERVES
(MILLIONS OF METRIC TONS)
(MILLIONS OF METRIC TONS)
12
96
89
88
93
88
89
77
4
2005
2012
• Tripled sales volume through expansion
projects and acquisitions
• 2012 execution of a large-scale expansion
project completed on time and on budget
1
2005 sales reflect Cliffs’ 80% ownership of Portman Limited
7
2006
2007
2008
2009
2010
2011
2012
• Maintained reserve base despite significant
sales volume growth
9. NORTH AMERICAN COAL
NORTH AMERICAN COAL SALES VOLUME
(MM SHORT TONS)
2.500
2.000
1.9
1.8
1.7
1.5
1.500
1.4
1.3
• Sharpened focus on metallurgical coal
1.1
1.000
• Significant sales volume growth achieved
through the successful completion of several
large capital projects
0.9 0.9
0.7
0.500
0.3
0.4 0.3
0.3
0.3
0.3
0.2
0.2
0.1
0.1
0.2
0.2
Q1 '11
Q1 '11
Q2 '11
Q2 '11
Q3 '11
Q3 '11
Q4 '11
Q4 '11
Q1 '12
Q1 '12
Q2 '12
Q2 '12
Q3 '12
Q3 '12
Q4 '12
Q4 '12
Q1 '13
Q1 '13
Q2 '13
Q2 '13
Q3 '13
Q3 '13
0.000
Metallurgical
8
Thermal
• Substantially lower cash costs through project
execution and new management
• Recent sales volume increases driven by
higher premium metallurgical coal sales
10. Q3 2013 HIGHLIGHTS & CONSOLIDATED RESULTS
SALES
MARGIN
OPERATING
INCOME
YTD SG&A
EXPENSE
$349M
$224M
$168M
76%
194%
YTD
EBITDA
$1.1B
17%
HISTORICAL CONSOLIDATED FINANCIAL HIGHLIGHTS 1
• Announced Gary Halverson as President and
Chief Operating Officer.
($ IN MILLIONS)
1,547
1,536
1,489
1,220
1,198
1,545
1,297
1,347
1,141
903
• Achieved lower cost-per-ton rates across all
business segments, and reduced exploration and
SG&A expenses, excluding special items.
• U.S. Iron Ore strong sales volumes expectation
of 22 – 23 million tons in 2014.
Q3 2013
Q2 2013
Q1 2013
Revenue
1Source:
Company filings
9
COGS
Q4 2012
Q3 2012
11. CURRENT PENDING DECISIONS
BLOOM LAKE – PHASE II DECISION
• Future volume & EBITDA
• Stabilization of phase I
• Tailings investment
• Rail take or pay contract
• Future iron ore pricing
WABUSH – OPERATION’S FUTURE
• High quality producing asset
• Sound logistics in place
• High cost structure
• Challenging labor conditions
• Future iron ore pricing
10
13. IRON ORE PRICING VOLATILITY EXPECTED – LONGER TERM FUNDAMENTALS INTACT
Constructive long term
iron ore trends
New supply sources
challenged by rising
costs, capital constraints
and delays
• Developing markets’ iron ore and steel demand remains strong
• Inflation in Australia, Brazil and China
• Marginal cost producers are expected to set pricing floor
•
•
•
•
Resource depletion, reduced quality and decreasing yields
Lack of suitable infrastructure and qualified labor
New supply delayed during 2H 2012 due to volatility
Government intervention is restricting supply expansion globally
IRON ORE 62% FE FINES, CFR CHINA SPOT PRICE (US$/METRIC TON)
$200
$160
$134
$120
$80
$40
Nov-08
Source: Platts
12
Jul-09
Mar-10
Oct-10
Jun-11
Jan-12
Sep-12
May-13
Dec-13
14. SERVING THE RIGHT MARKETS – CHINA & U.S.
MILLION METRIC TONS
CHINESE ANNUAL CRUDE STEEL PRODUCTION AND WEEKLY IRON ORE INVENTORY
Annual crude steel production
Weekly port iron ore inventory
120
800
700
100
600
80
500
60
400
Jan-08
Sep-09
Mar-11
Aug-12
40
Dec-13
Source: Bloomberg, World Steel Association
•
China's crude steel production continues to be healthy,
with year-to-date 2013 annualized run rate averaging over
750 million tons
•
Iron ore inventories at the Chinese ports are at
multi-year lows
•
In the U.S., strong positives have the potential to drive
growth for the remainder of 2013
•
Consumer spending has strengthened
•
Labor market appears to have started an
upward trend
•
Housing is recovering
MILLION METRIC TONS
STEEL PRODUCTION
U.S.
100
91
86
80
Canada
87
89
80
58
60
40
20
15
9
13
13
14
12
0
2008
2009
2010
2011
2012
2013E
Source: World Steel Association
A BALANCED END-MARKET MIX ENABLES CLIFFS TO GENERATE HEALTHY CASH FLOWS
FROM ITS U.S. BUSINESS AND BENEFIT FROM CHINA'S GROWTH
13
15. SUMMARY
• Focused on improving our cost profile through reductions across the Company
• Managing capital spending with discipline
• Enhance balance sheet strength to ensure that our current debt profile is
maintained or improved
• Secure the longer-term sustainability of our core operations through long-term
sales contracts and prudent capital allocation decisions
• Looking forward to the mining experience, expertise, and leadership Gary
Halverson will bring as the new President and COO.
14
16. 2012 PERFORMANCE
U.S. Iron Ore
($mm)
Revenue
Sales margin
Shipments 2
2010
$2,444
788
23.0
Eastern Canadian Iron Ore
2011
$3,510
1,679
24.2
2012
$2,723
976
21.6
•
2012 Revenue
2012 volume decline driven primarily by
specific customer financial circumstances.
•
($mm)
Revenue
Sales margin
Shipments 1
2011 margin favorably impacted by
arbitration settlements.
•
2010
$478
133
3.3
2011
$1,178
291
7.4
2012
$1,009
(121)
8.9
•
2011 volume increase attributed to
Consolidated Thompson acquisition
(3.9mm tons).
•
2012 margin decline driven by reductions
in market pricing combined with higher
spending on contractors, repairs and
maintenance.
17%
Due to reductions in market pricing, limited
tonnage was delivered in export market in
2012.
46%
22%
North American Coal
($mm)
Revenue
Sales margin
Shipments 3
•
2011
$512
(58)
4.2
2012
$881
(2)
6.5
Volume increase in 2012 attributable to
2011 operational issue at Pinnacle and
tornado damage at Oak Grove along with
strong production performance.
15%
2012 margin driven by fixed-cost leverage
improvement and cost reductions at lowvolatile mines.
Million metric tons;
15
15
2
Million long tons; 3 Million short tons.
($mm)
Revenue
Sales margin
Shipments 1
2010
$1,124
566
9.3
2011
$1,364
700
8.6
2012
$1,259
311
11.7
•
U.S. Iron Ore
Asia Pacific Iron Ore
2012 volume increase driven by
completion of Koolyanobbing expansion
project.
•
2012 margin decline driven by reductions
in market pricing combined with increased
stripping costs and logistics costs.
Eastern Canadian Iron Ore
North American Coal
•
1
2010
$438
(29)
3.3
Asia Pacific Iron Ore
17. Q3 2013 OUTLOOK
2013 Segment Expectations
U.S. Iron Ore
•
•
•
Sales volume of 21 million long tons
Cash cost per ton of $65 - $70
Depreciation, depletion & amortization of $6 per ton
Other 2013 Guidance
SG&A and other expenses
•
Full-year SG&A of $215 million
Other outflows of $65 million
− Exploration & drilling programs: $15 million
− Chromite project: $50 million
Depreciation, depletion & amortization of $575 million
•
•
Eastern Canadian Iron Ore
•
•
•
Sales volume of 8.5 - 9 million metric tons
Cash cost per ton of $100 - $105
Depreciation, depletion & amortization of $19 per ton
Cash flows and capex
•
2013 Revenue Price Sensitivity
•
Asia Pacific Iron Ore
•
•
•
Sales volume of 11 million metric tons
Cash cost per ton of $65 - $70
Depreciation, depletion & amortization of $15 per ton
•
•
•
Sales volume of 7 million short tons
Revenue per ton of $100 - $105
Cash cost per ton of $85 - $90
Depreciation, depletion & amortization of $17 per ton
•
•
•
•
1
16
Based on YTD iron ore pricing of $135/ton, the
following is the sensitivity to a $10 change in the
benchmark price across our iron ore business
segments1:
− USIO: $110-$115 (+/- $1) per ton2
− ECIO: $110-$115 (+/- $2) per ton3
− APIO: $110-$115 (+/- $2) per ton4
2014 Sales Volume Guidance
North American Coal
•
Full-year capex of $950 million
U.S. Iron Ore: 22 – 23 million long tons
Eastern Canadian Iron Ore: 5.5 – 6 million metric tons
for Bloom Lake
Asia Pacific Iron Ore: 10 – 11 million metric tons
North American Coal: 6 – 7 million short tons
The year-to-date iron ore price is the average 62% Fe seaborne iron ore fines price (CFR China) as of September 30, 2013. Cliffs expects to update the
year-to-date average iron ore price and the related sensitivities for its respective iron ore business segments in future reporting periods.
2 U.S. Iron Ore tons are reported in long tons. 3 Eastern Canadian lron Ore tons are reported in metric tons, F.O.B. Eastern Canada. 4 Asia Pacific Iron Ore
tons are reported in metric tons, F.O.B. the port.